Shipbuilding - Agreement on key points for the restructuring of Meyer Werft
Works Council, IG Metall and management have agreed on key points for the restructuring of the ailing Meyer Werft. The labor side agreed in a framework agreement to the reduction of 340 positions, which should be implemented as much as possible without plant-based terminations. The management accepted the formation of a supervisory board and a works council at the group level. In addition, the company headquarters are to be moved back from Luxembourg to Germany, representatives of the trade union, works council and management announced at a press conference in Papenburg.
According to the agreement, a workforce of at least 3,100 employees, of whom at least 1,200 are collective bargaining employees, is to be guaranteed by the end of 2030. At least 45 apprentices and nine dual students are to be hired annually.
The job cuts are to take place in several stages, explained works council chief Andreas Hensen. Accordingly, 100 temporary positions are to expire first, and the remaining positions should be reduced as much as possible through a voluntary program. The workforce was informed about this at a works meeting on a Wednesday, Hensen said. "We noticed the tension at the beginning, but also the relief at the end."
The yard is in crisis
The well-known traditional company for its cruise ships is currently experiencing the most severe crisis in its more than 200-year history. By the end of 2027, more than 2.7 billion euros must be raised, of which 400 million euros are needed for an increase in equity capital, said Chief Restructuring Officer Ralf Schmitz. He emphasized that the remaining 2.3 billion euros were about the financing of two new shipbuilding projects, which were necessary for the guarantees of the state and the federal government. It was not about subsidies.
Schmitz had demanded a personnel reduction of more than 400 positions at the end of May. It was successful in the negotiations, he said. "I have rarely experienced such an emotional situation. We have reached the limits and found a solution that is also acceptable."
The company still has a long way to go, said Schmitz. It must become profitable, the result must improve by 200 million euros. "I believe in the company, and I believe in the products," he said. That is an important prerequisite for the future of the company.
Great significance for maritime economy
Company CEO Bernd Eikens said the agreement was an important building block for the future of the company and the workforce. "But it is only a step, and in the coming days, further steps will have to be taken," Eikens, who has been at the helm of the company since the previous December, said. It's about the future of the company, its employees and suppliers in the region and beyond. The Meyer family has invested in the yard's growth for years. "Today, the significance of the Meyer Werft for the region and the maritime location Germany is not high enough to be appreciated."
Despite disadvantages in competition, the yard, known mainly for building cruise ships, has managed to make it internationally. Eikens stated that "Meyer Werft must and will become more profitable. Our goal is to be better than our competitors - financially as well." The prospects in the industry for cruise shipbuilding are good, with a growth of 6% in the market expected in the next ten years, said the manager.
Investors sought
Schmitz stated that a investor process could only be spoken of in his estimation after 2026 or 2027. For the necessary capital increase, persons or institutions would have to be approached who are ready to give capital to the company short-term. Thinkable are investors from the industry, but also from the customer base. The yard is a technology leader in the maritime economy and important for the industry. "If the Meyer Werft is no longer there, it is a blow for the maritime economy as a whole", emphasized Schmitz. "We are talking about more than 20,000 affected parties if the Meyer Werft does not have a good end", he said.
Trade union demands commitment from the Federal Government
The IG Metall demanded a clear commitment and help from the Federal Government. "We have gathered here to fight, we have achieved a reasonable agreement. But the yard is not saved", said Heiko Messerschmidt from the IG Metall district Coast. For this, help from Berlin is necessary. "We now need corresponding signals from Berlin, and they must come very, very quickly", he said. This is necessary for the preservation of the yard and the jobs.
The trade union and the employees are also ready to put pressure in Berlin and "if necessary" also on the streets to make clear the significance of the Meyer Werft. "It's not just the Meyer Werft, but it's the core of civil shipbuilding, and it must not fail", said Messerschmidt.
Lower Saxony's Economy Minister Olaf Lies (SPD) spoke of the chance for a restart. The CDU fraction leader in the state parliament Sebastian Lechner described the understanding as a first important step for the preservation of the Meyer Werft and thus for shipbuilding in Germany as a whole.
The owner family pledged to support the restructuring course. "We will support the formation of a supervisory board and are convinced that there will be constructive, forward-looking cooperation in this body", it says in the joint statement of firm patriarch Bernard Meyer and his sons Tim, Jan and Paul, who run the yard.
- The restructuring agreement includes the formation of a supervisory board at the group level, as per the agreement between the Works Council, IG Metall, and management.
- The reduction of 340 positions at Meyer Werft will be implemented with a focus on plant-based terminations being minimized.
- Ralf Schmitz, the Chief Restructuring Officer, highlighted the need for a 400 million euro increase in equity capital to overcome the company's crisis.
- Schmitz noted that the remaining 2.3 billion euros are required for financing two new shipbuilding projects crucial for the state and federal government's guarantees.
- The Works Council agreed to hire at least 3,100 employees by the end of 2030, with at least 1,200 being collective bargaining employees.
- Schmitz successfully negotiated a personnel reduction of more than 400 positions, stating he had rarely experienced such an emotional situation.
- According to the Works Council chief Andreas Hensen, the restructuring plan involves a voluntary program for employees to reduce positions.
- Bernard Meyer and his sons, who run Meyer Werft GmbH, pledged their support for the restructuring course and the formation of a supervisory board.
- The trade union IG Metall urged the German Federal Government to provide clear commitment and aid to save the Meyer Werft and its associated jobs.
